the facts and figures tell the story, page-22

Clearly it would be difficult to grow production by 20% on a monthly basis in the medium term.

But I think the point should be that with a few more rigs, MAD can grow production quite well in the next 12-24 months to probably 3000 - 4000 bopd before they start to struggle with drilling enough new wells and completing old wells to keep the production up.

Yes wells decline. But they are declining at a rate slower than the new wells coming online and this trend should continue for the next year or two.

The economics are fine at oil prices of probably $60+.

Management are making good progress towards a sustainable 2000 bopd day production which is on the cards by end 2013. With those production numbers, the sp will be higher than the current 60 odd cents.

I'm personally not expecting it, but MAD does also have the bonus of a maybe finding a nice high impact well that could flow several hundred bopd which would help get to 2,000 very quickly.